Photo from Pennachiojewelers.com.
With the price of gold going up and up—the London PM Gold Fix price for August 22 was $1,877.50 an ounce, a record price—I thought it was time to put up a post I’d planned awhile ago on selling old gold jewelry for cash. I sold my gold over a year ago, and if you are planning to do the same, here’s my advice:
1. Keep track of the price of gold for a month. (Oh, never mind, sell now!) I watched the price of gold for over a year to note the fluctuation in prices. I sold at a good time, not as great as now, but when I started watching in early 2009 it was at just over $900 an ounce and when I sold in spring 2010 it was at $1,200 an ounce.
2. Check rates between buyers, because they do differ, and make sure they use the London PM Gold Fix as the standard for what prices they offer. I looked into quite a few places but narrowed it down to Goldfellow.com and U.S. Gold Buyers based on customer satisfaction and what was written about them in the media. U.S. Gold Buyers offered higher prices so I chose them.
3. Sell gold in person, if possible. Another reason I went with U.S. Gold Buyers was because they had an office in the Diamond District in Manhattan that I could walk into with no appointment. If you can’t sell gold in person, find out if the amount of money you are offered for your gold will be less whatever it costs to have your gold shipped to the company. Most places will offer you free shipping through FedEx but you should know, one way or another.
4. Make sure you will not regret saying goodbye to your gold jewelry forever! Most of what I sold was broken and could not be fixed, according to a jeweler friend of mine, which made my decision very easy. The gold could either continue to sit in my jewelry box, collecting dust for another decade, or I could turn it into cash, and roll that cash into something on my Fashion Wish List, which is exactly what I did.
Washington's Carriage 70cm Hermès silk scarf. It looks like Cinderella's coach to me.
I walked out of the Diamond District with a check for a nice sum for such a small haul. I didn’t want to blow it on just anything so for nine months I thought about what would be a good purchase, one that would be special. I ended up using my gold money to buy my first Hermès scarf, which I plan on getting a lot of use out of and passing onto my daughter one day.
Whatever you buy with your old gold cash, it’s a great time to sell.